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LOS ANGELES - Private equity investor GTCR Golder Rauner LLC said Tuesday, June 18, it has agreed with buyout firm Gores Technology Group to recapitalize VeriFone Inc., the electronics payment company GTG acquired a year ago.
Although terms of the investment were not disclosed, VeriFone's closest competitor, Hypercom Corp., trades at one times sales, and a source close to the deal believes the recap could approach one times VeriFone's sales. Gores and VeriFone CEO Douglas Bergeron will retain minority stakes in the Santa Clara, Calif., company, GTCR said. The deal is scheduled to...